NICOSIA, Cyprus — Moody’s two-notch upgrade of Cyprus’ credit rating to A3 from Baa2 opens the threshold to quality foreign investment that will generate new jobs, the president said Saturday.
Finance Minister Makis Keravnos said the upgrade marks the first time that Moody’s has elevated Cyprus back into the upper medium grade investment category since 2011, when a brewing financial crisis brought the country to the brink of bankruptcy that required a bailout from the European Union and the International Monetary Fund two years later.
The agency said smaller fiscal surpluses are expected to continue until 2028, while a drop in public debt “has been one of the most substantial globally,” dropping from 113.6% of gross domestic product in 2020 to 73% in 2023.Moody’s downgrades Mexican government’s outlook to ‘negative’ over weakening of judiciary and debt